Congress

House and Senate negotiators appear to have resolved a major revenue-raiser for the tax extender legislation (HR 4213). It appears that final version of the measure will include the taxation of carried interest, which lawmakers estimate will generate $24.6 billion over 10 years.

The U.S. Senate rejected an amendment to the financial regulatory overhaul legislation that would established a time frame for ending the government’s support of Fannie Mae & Freddie Mac and for ultimately dissolving the two government sponsored entities.

Over the past several days NH&RA has met with several key House and Senate staffers on the tax writing, banking/financial services and appropriations committees to discuss critical legislation impacting affordable housing, historic rehabilitation and New Markets Tax Credit development.

U.S. Senators Sherrod Brown (D-OH), Charles Schumer (D-NY), Jeff Merkley (D-OR), Robert Casey (D-PA) and Kay Hagan (D-NC) recently introduced a bill (S.3324) to expand and improve the Advanced Energy Manufacturing Tax Credit (48C) program.

National Council of Affordable Housing Market Analysts (NCAHMA) is please to offer FIVE digital audio recordings of select panel sessions held during its 2010 Spring Underwriting Forum, April 7-8 in New Orleans.

On March 24 the U.S. House of Representatives passed a $16.8 billion package of tax incentives (HR 4849) for state and local governments and small businesses, the second measure in the Democrats’ “jobs agenda” to pass the chamber this month. The measure passed on a largely partisan 246-178 vote. Key provisions include:…

House Democrats on the Ways and Means Committee are reported to be considering amending the tax extenders bill (HR 4213) to shift an extension of the Build America Bonds (BAB) program from the small business bill (HR 4849) to the tax extenders legislation. The shift is being urged because of concerns that the tight Senate calendar may not leave enough time to move other tax bills this year. HR 4213 also includes extensions of the Section 1602/Exchange Program, New Markets Tax Credit and GO Zone Historic Tax Credit and Bonus Depreciation Provisions.

U.S. Representative Phil Hare (D-IL), last week introduced the Security in Energy and Manufacturing (SEAM) Act (H.R.5041) to extend and improve the Advanced Energy Manufacturing Tax Credit program.

National Housing & Rehabilitation Association (NH&RA) is pleased to announce that it has extended its discounted early registration rate deadline for the 2010 Spring Policy Forum, May 20-21 at the Liaison Hotel in Washington, DC. Simply register online by no later than Friday, April 30 to receive $100 off conference fees.

House Ways & Means Committee Chairman Sander Levin (D-Mich.) has indicated that he hope to have his tax credit extenders legislation (HR 4213) and small-business focused tax bill (HR 4849) enacted into law before Memorial Day.

The House Financial Services Committee has released an update draft of comprehensive preservation legislation. The legislation addresses a wide-range of issues creating financing sources and mechanisms to preserve the affordability of HUD-assisted properties. The legislation is expected to be considered by the Ways & Means Committee some time shortly after the Spring recess (currently scheduled for March 29-April 9). Additionally, the legislation is expected to be a vehicle for other HUD oriented legislation including HR 4099, legislation endorsed by NH&RA’s Council For Energy Friendly Affordable Housing.

U.S. Senator Robert Menendez (D-NJ) last week introduced legislation (S. 3212) to provide tax incentives for the construction of “green” buildings.